NEW YORK (TheStreet) -- ConAgra Foods (CAG) - Get Report says that it expects earnings growth for the next fiscal year to be concentrated in the second half of the year, after reporting lower-than-expected fourth-quarter earnings.
The company expects earnings per share growth of 8% to 10% from the previous fiscal year's earnings per share of $1.74, in part reflecting raw-material cost issues that are expected to improve with the new potato crop.
Analysts are expecting, on average, earnings of $1.91 in 2011.
For the fourth quarter, ConAgra reported net income of $90.6 million, or 20 cents a share, a 48.1% decline from $174.7 million, or 39 cents a share a year earlier. Excluding the impact of special items, the company had earnings of 39 cents a share, a penny shy of analysts' estimates.
-- Reported by Andrea Tse in New York
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